Regulation, Training and Competence

FSCS annual report shows scope for big adviser rebates

16:27 | 24 Jul 2008 | By Richard Harris

The Financial Services Compensation Scheme ended the 2007/08 financial year with more than £23 million on its A13 sub-scheme account, suggesting there is plenty of scope for rebates to IFAs.

FSA fines Co Durham mortgage broker £35,000 for putting clients at risk

11:43 | 23 Jul 2008 | By Michelle McGagh

Mortgage broker PMSG has been fined £35,000 by the regulator for putting 620 clients at risk by recommending mortgages they could not afford or did not need.

FSCS directors pocket 51% pay rise

09:30 | 22 Jul 2008 | By Richard Harris

The Financial Services Compensation Scheme board of directors took home a 51% pay rise in the year ending 31 March, according to an annual report to be released on Thursday.

Equitable boss says government must offer redress after Rock bailout

10:45 | 17 Jul 2008 | By Gavin Lumsden

Equitable Life chairman Vanni Treves says the government's bailout of Northern Rock leaves it no choice but to offer compensation to the firm's policyholders; meanwhile the Equitable Members Action Group hails the Abraham report as 'a red letter day' for policyholders.

Thinc appoints new compliance officer

14:24 | 15 Jul 2008 | By Daniel Grote

National IFA firm Thinc has appointed David Young as head of group compliance.

Cummings joins Telos consultancy as non-exec

13:10 | 15 Jul 2008 | By Richard Harris

The director general of the Association of Independent Financial Advisers, Chris Cummings, has been appointed a non-executive director of Telos Solutions.

Professionalism party set to become standards group

09:30 | 15 Jul 2008 | By Michelle McGagh

The Financial Services Authority has decided to retain the RDR professionalism working party in a move that could prove the way for the independent standards body outlined in the Edinburgh Declaration.

Mythbusters: Fee-based business leaves advisers subject to client money rules

00:01 | 15 Jul 2008 | By Sonia Speedy

Confusion over whether rebating product commission could leave advisers on the wrong side of client money regulations has largely been laid to rest by the Financial Services Authority.

Threesixty adds Co-op, FP duo to management team

17:02 | 11 Jul 2008 | By Richard Harris

Phil Ashworth and Catherine Metcalfe join the support services provider from Co-operative Bank Financial Advisers and Friends Provident to head up compliance and technical operations.

Benson set to reap rewards of chartered status

00:01 | 11 Jul 2008 | By Richard Harris

Brian Benson, managing director of Shropshire-based Crown Wealth Management, is taking a well-earned break from studying for exams, having recently been awarded chartered financial planner status.

ARK to ride qualifications wave thanks to scholar

00:01 | 11 Jul 2008 | By Michelle McGagh

A qualifications culture is being embedded at ARK Financial Planning, with partner Philip Stevenson leading the way and becoming a certified financial planner

Standards update bodes badly for surplus recovery

09:30 | 10 Jul 2008 | By Edward Lander

Updated accounting standards could leave companies with irrecoverable surpluses, Pension Capital Strategies has warned.

Mythbusters: Factfinds must be in the form of signed questionnaires

00:01 | 10 Jul 2008 | By Sonia Speedy

Client factfinds should be set out in questionnaire format and signed by the client if they are to meet regulatory requirements – fact? Not according to the FSA.

US ruling may let Revenue see into Swiss accounts

09:30 | 09 Jul 2008 | By Michelle McGagh

A summons issued to UBS in the US that allows the US tax authorities to access information about previously secret investment in Switzerland could have a knock-on effect in the UK.

PosSol £5 million academy to fund advisers to diploma status

12:58 | 04 Jul 2008 | By Daniel Grote

Positive Solutions will plough £5 million into its new learning academy over the next three years as it strives to get its advisers up to diploma level.

Mythbusters: All pension fund holders are entitled to 25% tax-free cash

09:30 | 03 Jul 2008 | By Sonia Speedy

The A-Day pension regime ushered in a simplified approach to the calculation of pension fund tax-free cash entitlements. But advisers need to be aware there are still schemes offering more than the now standard 25% tax-free cash.

HMRC chair plucked from private equity's Terra Firma

12:00 | 24 Jun 2008 | By Michelle McGagh

Mike Clasper, former operations boss at Terra Firma Capital Partners, will provide corporate oversight to HMRC in his new role as chairman.

Tully is new FSA wrap man as re-registration row heats

09:30 | 24 Jun 2008 | By Daniel Grote

New head of wrap policy at the FSA Steve Tully will have to face the wrath of platform providers angry at what they claim is a lack of regulatory action over re-registration.

Disclosure rules on short selling ‘harming free market’

09:30 | 24 Jun 2008 | By Michelle McGagh

Robert Goldschmidt, director of Cumberland Place Financial Management believes that the regulator is hindering the free market by forcing short sellers to declare their stakes in rights issues.

FSA open to fee-based index claims Lang